Curious Planet (formerly Australian Geographic) and the Co-op Bookshop, are just two of the latest victims of the changing retail market, announcing that they have gone into voluntary administration.
Sydney Morning Herald reports that the Co-op Bookshop still owes more than $15 million to toy sellers and publishers.
Chairman Joe Merhi attributes the loss to weak sales, leaving the board with no option but to appoint PwC as administrator.
“We intend to keep all Co-op bookshop and Curious Planet stores operating on a business as usual basis while we seek interested parties for the sale of the business on a going concern basis,” PwC’s Phil Carter told the publication.
Textbook publisher John Wiley & Sons, Australia Post, toy seller Independence Studios, Australia Post, the University of Western Australia and the Sydney University are just some of the suppliers reportedly owed significant sums.
(Source: Sydney Morning Herald)